Web3: let’s talk about it. It’s among the most talked about terms in certain circles nowadays, however, like many innovations, its meaning isn’t always clear. Kirby Porter, founder of New Game Labs and PLAY3RS, along with Amobi Okugo, a former professional soccer player and founder of A Frugal Athlete, unpack the Web3 creator’s economic advantages on the investing in the platform Public.com for Black creators. There are more than 34,000 new developers signed up to contribute in Web3 projects during the year 2021 according to Electric Capital’s 2021 Developer’s Report which suggests that this could alter the story of wealth creation for Black content creators specifically in the context of decentralization on the internet.
The Breakdown You Need To Know:
The creation economy, which some think could be driven through a blockchain-enabled web (Web3) has begun to take off. There’s a significant difference in creating content for a Web2 environment as opposed to Web3 which is due to the fact that old tech companies and platforms are the biggest contributors to the content they create on their platforms. With Web3 creators are able to enjoy more upside.
Porter and Okugo are both passionate about helping athletes and the creator economy.
“We’re living at the intersection of two changes in the generational past In technology, one of which is this technological revolution is in the works to athletes, but also as they undergo NIL rules that have been changed,” Porter said. Students can now utilize their name or image (NIL) in order to make money while an athlete.
Web3’s Creator Equity:
In the current marketplace for creators that is based primarily on Web2 platforms such as Instagram, YouTube, and TikTok and TikTok, the pay gap is evident. Black Content creators tend to fall in the micro-influencer category, making $27,000 annually on average while white creators are more likely to be popular influencers earning $100,000 per year.
CultureBanx reported many popular trends that are that have emerged on social platforms stem from Black creators. However, these trends are often copied, if not even adopted by more prominent white creators. In these situations the person who initiated a trend is not seeing the same economic benefits that mainstream creators do.